The Public Finance Management (PFM) Bill 2012 introduces new concepts designed to
strengthen fiscal responsibility, accountability and control in the management of public
funds and is at the final stages of approval by parliament. The March 2014 mission
highlighted a number of weaknesses in the provisions of the bill, such as those relating to
categories of entities, in-year adjustments and Contingencies Fund, commitment controls,
financial reporting, oversight of general government subsectors and public enterprises, and
petroleum revenue management, which in the view of the Ministry of Finance should be
addressed to the extent possible through supporting regulations.1 This report proposes draft
regulations to address those issues and to clarify some of the concepts introduced in the bill.